Comparing global economic models

Abstract

This article presents a first account of comparative research on multi-country models conducted by an independent third party with full hands-on access to the models. The models are MSG2, MULTIMOD and NIGEM. Their structural characteristics are first compared and contrasted; their theoretical foundations are seen to have some broad similarities. Overall model properties are then elucidated by three simulation experiments conducted in a standardized policy framework. The source and nature of observed cross-model and cross-country differences in the results are described, a fundamental source being the model-builders' different approaches to quantification. (C) 1998 Elsevier Science B.V.